The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFLAC Inc. COM 001055102   10,240,436 119,269 SH   SOLE   119,269 0 0
AGCO Corp COM 001084102   512,993 4,170 SH   SOLE   4,170 0 0
AT & T, Inc. New COM 00206r102   410,053 23,298 SH   SOLE   23,298 0 0
AbbVie, Inc. COM 00287y109   6,134,767 33,689 SH   SOLE   33,689 0 0
Abbott Laboratories COM 002824100   8,081,185 71,100 SH   SOLE   71,100 0 0
Adobe Systems Inc COM 00724F101   329,504 653 SH   SOLE   653 0 0
Alaska Air Group Inc. COM 011659109   378,097 8,795 SH   SOLE   8,795 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   754,296 4,954 SH   SOLE   4,954 0 0
Alphabet, Inc Voting Class COM 02079k305   13,525,894 89,617 SH   SOLE   89,617 0 0
Altria Group Inc. COM 02209s103   6,674,430 153,013 SH   SOLE   153,013 0 0
Amazon.com, Inc. COM 023135106   1,026,362 5,690 SH   SOLE   5,690 0 0
American Express Co. COM 025816109   1,636,636 7,188 SH   SOLE   7,188 0 0
American International Group COM 026874784   8,155,007 104,324 SH   SOLE   104,324 0 0
Ameriprise Financial Inc. COM 03076c106   1,929,574 4,401 SH   SOLE   4,401 0 0
Amgen Inc. COM 031162100   2,563,145 9,015 SH   SOLE   9,015 0 0
Andersons Inc. COM 034164103   257,534 4,489 SH   SOLE   4,489 0 0
Apple, Inc. COM 037833100   4,970,519 28,986 SH   SOLE   28,986 0 0
Applied Materials Inc Delaware COM 038222105   264,593 1,283 SH   SOLE   1,283 0 0
Automatic Data Processing COM 053015103   1,942,228 7,777 SH   SOLE   7,777 0 0
Bank of America Corp COM 060505104   12,861,670 339,179 SH   SOLE   339,179 0 0
Bank of New York Mellon Corp COM 064058100   12,833,069 222,719 SH   SOLE   222,719 0 0
Becton Dickinson & Co COM 075887109   3,257,679 13,165 SH   SOLE   13,165 0 0
Berkshire Hathaway Inc. Class COM 084670702   10,497,441 24,963 SH   SOLE   24,963 0 0
Biogen Inc. COM 09062x103   3,580,536 16,605 SH   SOLE   16,605 0 0
Boeing Company COM 097023105   2,774,231 14,375 SH   SOLE   14,375 0 0
Booking Holdings Inc. COM 09857L108   7,799,942 2,150 SH   SOLE   2,150 0 0
Bristol Myers Squibb Co. COM 110122108   1,364,963 25,170 SH   SOLE   25,170 0 0
CSX Corp COM 126408103   280,472 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   8,788,816 110,191 SH   SOLE   110,191 0 0
Caterpillar Inc. COM 149123101   1,183,569 3,230 SH   SOLE   3,230 0 0
Celanese Corp COM 150870103   4,830,813 28,109 SH   SOLE   28,109 0 0
Central Pacific Financial Corp COM 154760409   1,726,150 87,400 SH   SOLE   87,400 0 0
Chevron Corp. COM 166764100   4,446,217 28,187 SH   SOLE   28,187 0 0
Cisco Sys Inc. COM 17275R102   2,296,060 46,004 SH   SOLE   46,004 0 0
Citigroup Inc. COM 172967424   4,464,491 70,596 SH   SOLE   70,596 0 0
Coca-Cola Company COM 191216100   5,847,208 95,574 SH   SOLE   95,574 0 0
Cognizant Technology Solutions COM 192446102   2,932,406 40,011 SH   SOLE   40,011 0 0
Comcast Corp Cl A COM 20030n101   4,085,131 94,236 SH   SOLE   94,236 0 0
ConAgra Foods Inc. COM 205887102   699,504 23,600 SH   SOLE   23,600 0 0
ConocoPhillips COM 20825c104   3,637,281 28,577 SH   SOLE   28,577 0 0
Corning Inc COM 219350105   4,741,329 143,851 SH   SOLE   143,851 0 0
Corteva, Inc. COM 22052L104   3,303,626 57,285 SH   SOLE   57,285 0 0
Costco Wholesale Corp COM 22160k105   5,530,583 7,549 SH   SOLE   7,549 0 0
DR Horton, Inc COM 23331a109   2,747,985 16,700 SH   SOLE   16,700 0 0
Deere & Co COM 244199105   271,088 660 SH   SOLE   660 0 0
Delta Airlines - New COM 247361702   293,204 6,125 SH   SOLE   6,125 0 0
Devon Energy Corp. COM 25179m103   471,692 9,400 SH   SOLE   9,400 0 0
Domino's Pizza Inc. COM 25754a201   695,632 1,400 SH   SOLE   1,400 0 0
Dow Inc. COM 260557103   3,216,216 55,519 SH   SOLE   55,519 0 0
DuPont de Nemours, Inc COM 26614n102   3,816,403 49,777 SH   SOLE   49,777 0 0
Elevance Health Inc. COM 036752103   22,677,828 43,734 SH   SOLE   43,734 0 0
Eli Lilly & Co COM 532457108   544,572 700 SH   SOLE   700 0 0
Equifax Inc. COM 294429105   267,520 1,000 SH   SOLE   1,000 0 0
Exxon Mobil Corp COM 30231G102   1,490,361 12,821 SH   SOLE   12,821 0 0
Fedex Corp COM 31428X106   3,917,695 13,521 SH   SOLE   13,521 0 0
Ford Motor Co.- New COM 345370860   181,484 13,666 SH   SOLE   13,666 0 0
Forrester Research Inc. COM 346563109   749,921 34,783 SH   SOLE   34,783 0 0
Franklin Resources Inc. COM 354613101   1,627,428 57,895 SH   SOLE   57,895 0 0
Gates Industrial Corporation P COM g39108108   2,961,980 167,249 SH   SOLE   167,249 0 0
General Dynamics COM 369550108   672,891 2,382 SH   SOLE   2,382 0 0
General Electric Co. COM 369604301   413,022 2,353 SH   SOLE   2,353 0 0
General Motors Company COM 37045v100   1,478,818 32,609 SH   SOLE   32,609 0 0
Genuine Parts Co COM 372460105   1,442,088 9,308 SH   SOLE   9,308 0 0
Gilead Sciences Inc. COM 375558103   866,914 11,835 SH   SOLE   11,835 0 0
Grand Canyon Education, Inc. COM 38526m106   1,968,916 14,455 SH   SOLE   14,455 0 0
H&R Block Inc. COM 093671105   2,433,646 49,555 SH   SOLE   49,555 0 0
HP Inc. COM 40434L105   367,536 12,162 SH   SOLE   12,162 0 0
Hershey Company COM 427866108   2,238,695 11,510 SH   SOLE   11,510 0 0
Hewlett Packard Enterprise Co. COM 42824c109   236,855 13,359 SH   SOLE   13,359 0 0
Home Depot Inc. COM 437076102   9,597,385 25,019 SH   SOLE   25,019 0 0
Illinois Tool Works Inc. COM 452308109   300,261 1,119 SH   SOLE   1,119 0 0
Ingersoll Rand Inc. COM 45687v106   574,922 6,055 SH   SOLE   6,055 0 0
Intel Corp. COM 458140100   1,090,381 24,686 SH   SOLE   24,686 0 0
International Flavors & Fragra COM 459506101   316,787 3,684 SH   SOLE   3,684 0 0
Interpublic Group COM 460690100   281,010 8,612 SH   SOLE   8,612 0 0
J P Morgan Chase & Co. COM 46625h100   232,949 1,163 SH   SOLE   1,163 0 0
Johnson & Johnson COM 478160104   11,805,720 74,630 SH   SOLE   74,630 0 0
KLA Corporation COM 482480100   583,306 835 SH   SOLE   835 0 0
Kenvue Inc. COM 49177j102   587,081 27,357 SH   SOLE   27,357 0 0
Keurig Dr. Pepper Inc. COM 49271v100   2,360,026 76,949 SH   SOLE   76,949 0 0
Kroger Co. COM 501044101   21,316,803 373,128 SH   SOLE   373,128 0 0
Laboratory Corp. of America COM 50540r409   208,629 955 SH   SOLE   955 0 0
Lamb Weston Holdings COM 513272104   426,653 4,005 SH   SOLE   4,005 0 0
Lincoln Educational COM 533535100   2,410,237 233,324 SH   SOLE   233,324 0 0
Lockheed Martin Corp COM 539830109   681,395 1,498 SH   SOLE   1,498 0 0
Lowes Companies COM 548661107   10,357,322 40,660 SH   SOLE   40,660 0 0
Manitex Intl COM 563420108   1,143,226 166,651 SH   SOLE   166,651 0 0
ManpowerGroup Inc. COM 56418h100   305,280 3,932 SH   SOLE   3,932 0 0
Marsh & McLennan Co. COM 571748102   7,335,566 35,613 SH   SOLE   35,613 0 0
Mastercard Inc. COM 57636q104   18,697,437 38,826 SH   SOLE   38,826 0 0
McDonalds Corp COM 580135101   3,186,317 11,301 SH   SOLE   11,301 0 0
Merck & Co.Inc. New COM 58933y105   15,912,774 120,597 SH   SOLE   120,597 0 0
Meta Platforms, Inc. COM 30303m102   7,082,184 14,585 SH   SOLE   14,585 0 0
Microsoft Corp. COM 594918104   47,142,957 112,053 SH   SOLE   112,053 0 0
Molson Coors Brewing Co COM 60871r209   7,448,705 110,761 SH   SOLE   110,761 0 0
Mondelez International, Inc. COM 609207105   2,510,130 35,859 SH   SOLE   35,859 0 0
Monster Beverage Corp. COM 61174x109   4,244,448 71,600 SH   SOLE   71,600 0 0
Nike Inc Class B COM 654106103   1,315,814 14,001 SH   SOLE   14,001 0 0
Nucor Corp COM 670346105   386,499 1,953 SH   SOLE   1,953 0 0
Nvidia Corp COM 67066g104   237,636 263 SH   SOLE   263 0 0
Occidental Petroleum Corp COM 674599105   241,568 3,717 SH   SOLE   3,717 0 0
Oracle Corp COM 68389X105   1,580,551 12,583 SH   SOLE   12,583 0 0
Organon & Co. COM 68622v106   707,594 37,638 SH   SOLE   37,638 0 0
Paramount Global B COM 92556h206   227,173 19,301 SH   SOLE   19,301 0 0
Parker-Hannifin Corp. COM 701094104   1,257,197 2,262 SH   SOLE   2,262 0 0
Paychex Inc. COM 704326107   5,049,413 41,119 SH   SOLE   41,119 0 0
Pepsico Inc. COM 713448108   14,102,481 80,581 SH   SOLE   80,581 0 0
Perspective Therapeutics COM 46489v104   12,159 10,218 SH   SOLE   10,218 0 0
Pfizer Inc. COM 717081103   1,901,834 68,535 SH   SOLE   68,535 0 0
Philip Morris International COM 718172109   20,175,823 220,212 SH   SOLE   220,212 0 0
Phillips 66 COM 718546104   2,855,183 17,480 SH   SOLE   17,480 0 0
Principal Financial Group COM 74251v102   200,412 2,322 SH   SOLE   2,322 0 0
Procter & Gamble Co. COM 742718109   3,232,669 19,924 SH   SOLE   19,924 0 0
Qualcomm Inc COM 747525103   515,011 3,042 SH   SOLE   3,042 0 0
Quest Diagnostics Inc. COM 74834L100   3,755,699 28,215 SH   SOLE   28,215 0 0
RTX Corp. COM 75513e101   3,832,441 39,295 SH   SOLE   39,295 0 0
SM Energy Company COM 78454L100   258,721 5,190 SH   SOLE   5,190 0 0
Sally Beauty Holdings Inc. COM 79546e104   1,122,482 90,377 SH   SOLE   90,377 0 0
Starbucks Corp COM 855244109   1,135,429 12,424 SH   SOLE   12,424 0 0
Stryker Corporation COM 863667101   270,192 755 SH   SOLE   755 0 0
Tapestry Inc. COM 876030107   345,180 7,270 SH   SOLE   7,270 0 0
The Cigna Group COM 125523100   9,314,734 25,647 SH   SOLE   25,647 0 0
The Kraft Heinz Company COM 500754106   389,812 10,564 SH   SOLE   10,564 0 0
The Mosaic Company COM 61945c103   1,966,911 60,595 SH   SOLE   60,595 0 0
The Travelers Companies Inc. COM 89417e109   10,835,220 47,081 SH   SOLE   47,081 0 0
The Walt Disney Co. COM 254687106   1,862,197 15,219 SH   SOLE   15,219 0 0
Tractor Supply Co. COM 892356106   418,752 1,600 SH   SOLE   1,600 0 0
US Bancorp Delaware New COM 902973304   514,452 11,509 SH   SOLE   11,509 0 0
Union Pacific Corp COM 907818108   2,303,134 9,365 SH   SOLE   9,365 0 0
United Parcel Service Inc. COM 911312106   2,306,721 15,520 SH   SOLE   15,520 0 0
UnitedHealth Group Inc. COM 91324p102   33,261,251 67,235 SH   SOLE   67,235 0 0
Unum Group COM 91529y106   3,149,681 58,697 SH   SOLE   58,697 0 0
Valero Energy Corp. COM 91913y100   10,233,357 59,953 SH   SOLE   59,953 0 0
Verizon Communications COM 92343V104   1,377,337 32,825 SH   SOLE   32,825 0 0
Visa, Inc. COM 92826c839   11,632,613 41,682 SH   SOLE   41,682 0 0
Wal Mart Stores COM 931142103   8,893,006 147,798 SH   SOLE   147,798 0 0
Warner Bros. Discovery, Inc. COM 934423104   1,658,342 189,959 SH   SOLE   189,959 0 0
Washington Federal COM 938824109   1,140,705 39,294 SH   SOLE   39,294 0 0
Waste Management Inc. Del COM 94106L109   342,532 1,607 SH   SOLE   1,607 0 0
Wells Fargo & Co. COM 949746101   1,956,266 33,752 SH   SOLE   33,752 0 0
Western Union Company COM 959802109   329,788 23,590 SH   SOLE   23,590 0 0
Weyerhaeuser Co. COM 962166104   387,684 10,796 SH   SOLE   10,796 0 0
Yum! Brands, Inc. COM 988498101   1,576,450 11,370 SH   SOLE   11,370 0 0
Zimmer Biomet Holdings COM 98956p102   8,045,501 60,960 SH   SOLE   60,960 0 0
AON Plc FOR g0403h108   915,060 2,742 SH   SOLE   2,742 0 0
ASML Holding N.V. FOR n07059178   268,820 277 SH   SOLE   277 0 0
Alibaba Group Holding Limited FOR 01609w102   707,970 9,784 SH   SOLE   9,784 0 0
Alkermes PLC FOR g01767105   321,889 11,891 SH   SOLE   11,891 0 0
Allegion PLC FOR g0176j109   485,630 3,605 SH   SOLE   3,605 0 0
America Movil ADR FOR 02390a101   1,533,684 82,191 SH   SOLE   82,191 0 0
Arch Capital Group Ltd FOR g0450a105   471,444 5,100 SH   SOLE   5,100 0 0
Arcos Dorados Hldgs. FOR g0457f107   3,413,073 306,931 SH   SOLE   306,931 0 0
BP p.l.c. FOR 055622104   7,295,376 193,614 SH   SOLE   193,614 0 0
British American Tobacco FOR 110448107   4,910,378 160,996 SH   SOLE   160,996 0 0
CAE Inc. FOR 124765108   1,201,867 58,230 SH   SOLE   58,230 0 0
Colliers International Group FOR 194693107   936,282 7,660 SH   SOLE   7,660 0 0
Diageo PLC ADR FOR 25243q205   1,960,988 13,184 SH   SOLE   13,184 0 0
Ferguson PLC FOR g3421j106   436,860 2,000 SH   SOLE   2,000 0 0
FirstService Corp Voting Share FOR 33767e202   1,139,543 6,873 SH   SOLE   6,873 0 0
Glaxo SmithKline ADS FOR 37733W204   1,359,493 31,712 SH   SOLE   31,712 0 0
Haleon PLC FOR 405552100   355,434 41,865 SH   SOLE   41,865 0 0
Johnson Controls Intl. PLC FOR g51502105   426,017 6,522 SH   SOLE   6,522 0 0
LyondellBasell Industries N.V. FOR n53745100   6,751,605 66,011 SH   SOLE   66,011 0 0
Medtronic PLC FOR g5960L103   12,823,251 147,140 SH   SOLE   147,140 0 0
Nokia Corp Sponsored ADR FOR 654902204   41,938 11,847 SH   SOLE   11,847 0 0
Shell PLC FOR 780259305   1,095,836 16,346 SH   SOLE   16,346 0 0
Taiwan Semiconductor Manufactu FOR 874039100   746,506 5,487 SH   SOLE   5,487 0 0
Telefonica S.A. ADR FOR 879382208   733,798 166,394 SH   SOLE   166,394 0 0
Toyota Motor Corp ADR FOR 892331307   359,651 1,429 SH   SOLE   1,429 0 0
Trane Technologies PLC FOR g8994e103   2,006,237 6,683 SH   SOLE   6,683 0 0
Unilever PLC ADR FOR 904767704   5,999,863 119,543 SH   SOLE   119,543 0 0
Yum China Holdings, Inc. FOR 98850p109   408,564 10,268 SH   SOLE   10,268 0 0